This idea is the work of Manuel López Revol. The wristband or thumb bands have a duochromatic OLED display that can light up a specific design with incoming SMS or calls. When not in use it can perform trippy visualizations, of course. According to Yanko Design this gadget exclusively connects to the Nokia 7280 phone via Bluetooth. So is this product already in development? Eh, doesn't really matter, it will still be a while before something like this hits the shelves. Good idea, nonetheless.
Edit: Manuel e-mailed us in to let us know a little more info. The Nokia Icon was designed as part of the Nokia Design Challege that happened last year in Argentina. So it is a bit old, still cool nonetheless. More information about the project can found on Manuel's site, Celularis.
Nokia Icon [Yanko Design]